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HomeMy WebLinkAbout2009-12-08 Redevelopment Item 5 CITY OF LA E aLSINOU K_ DREAM EXTREME,,, REPORT TO REDEVELOPMENT AGENCY TO: HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY FROM: ROBERT A. BRADY EXECUTIVE DIRECTOR DATE: DECEMBER 8, 2009 SUBJECT: REDEVELOPMENT AGENCY FISCAL YEAR 2009 -10 FIRST QUARTER BUDGET REPORT Background On June 23, 2009, the Redevelopment Agency ( "RDA ") adopted its budget for fiscal year 2009 -10. This report is the first quarter review of the fiscal year 2009 -10 RDA budget. Discussion State Budget Impact On July 28, 2009, the California legislature and Governor Arnold Schwarzenegger passed the state budget and required redevelopment agencies to shift $2.05 billion in property tax revenue to K -12 schools and community colleges during the fiscal year 2009 -10. This is not the first time the State has "raided" redevelopment funds to help close their budget deficit. The amount of the Agency's payment to be transferred to the State's "Education Revenue Augmentation Fund" (ERAF) was determined to be approximately $7.0 million in fiscal year 2009/10 and $1.4 million in fiscal year 2010/11. The California Redevelopment Association (CRA) along with a few cities has filed a lawsuit against the State of California to block the State from taking the redevelopment funds. A similar lawsuit was successful in fiscal year 2008 -09 when the State tried to shift $350 million from redevelopment agencies. The Sacramento Superior Court found the ERAF provisions requiring payments from redevelopment agencies unconstitutional. However, the State is presenting different rationale this time and there is no information at this time regarding the status of the lawsuit. RDA December 8, 2009 Item No. 5 Page 1 of 26 Redevelopment Agency FY 2009 -10 First Quarter Budget Report December 8, 2009 Page 2 First Quarter Amended Budget Summary The report layout for the first quarter budget review is as follows: 1. A summary narrative prepared by our consultant, Rod Gunn Associates, Inc. regarding the status of the RDA for the first quarter of fiscal year 2009 -10 and the amended budget. 2. A budget summary of the recommended first quarter fiscal year 2009 -10 amended budget vs. the fiscal year 2009 -10 adopted budget. The recommended budget adjustments for the Housing Fund and Project Areas 1 through 3 combined is also included. 3. The detail Housing Fund and each Redevelopment Project Area first quarter amended budget. This also includes the recommended first quarter budget adjustments, specific footnotes for the Housing Fund and each Redevelopment Project Area and Reserves recommended for Fund Balance. Fiscal Impact The fiscal impact of the Redevelopment Agency First Quarter Amended Budget is as follows: Revenue Expenditures Redevelopment Agency Low /Mod Housing Fund $(100,650) $736,569 Project Areas 1 -3 $874 $5,917,150 Recommendation Approve the revenue and expenditure budget adjustments recommended for First - Quarter FY 2009 -10. Prepared by: James R. Riley Director of Admi ative Services Approved by: Robert A. Brady Executive Directo �� RDA December 8, 2009 Item No. 5 Page 2 of 26 REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AMENDED FY 2009 -10 BUDGET SUMMARY Rod Gunn Associates, Inc. December 8, 2009 RDA December 8, 2009 Item No. 5 Page 3 of 26 Introduction Normally, the Redevelopment Agency's Budget, which is initially prepared in the period March thru June, needs to be reviewed by the end of the first quarter of the fiscal year. The assessment roll becomes available in August and estimated actual expenditures for the prior fiscal year are generally available at this time. In addition, this fiscal year, the State approved, after adoption of the budget, ERAF legislation which will require the Redevelopment Agency to pay an estimated $7,000,000 in Fiscal Year 2009/10, and $1,435,000 in Fiscal Year 2010/11. Due to decreasing assessment rolls and passage of the ERAF legislation, this is probably one of the most challenging periods financially for redevelopment agencies in California since the passage of Proposition 13. However, the Redevelopment Agency with its relatively low amount of bonded debt and flexible repayment options on certain subordinate debt is expected to have the resources to meet all its financial obligations during the economic downturn and expects to be in a relatively strong position once the economic recovery takes hold. Major considerations and provisions of the 2009/10 Amended Budget are outlined below. Tax Increment Revenues Primarily due to Prop 8 adjustments made by the County Assessor in response to lower home prices, the Redevelopment Agency will experience a significant decrease in the receipt of Fiscal Year 2009/10 net Tax Increment Revenues as shown in the table below. Redevelopment Redevelopment Redevelopment Project No. 1 Project No. 2 Project No. 3 Fiscal Year $3,524,000 $4,559,000 $1,063,154 2008/09 Net Tax Increment Fiscal Year $3,310,600 $3,713,000 $821,600 2009/10 Net Tax Increment Decrease ($213,400) ($846,000) ($241,554) Percentage (6.06 %) (18.56 %) (22.72 %) Decrease The Amended Budget for Fiscal Year 2009/10 shows an operating balance in each of the 3 Redevelopment Projects for the fiscal year even after taking into account the reductions in net Tax Increment, providing for the required ERAF payments and making provisions for assumed increases in certain other indebtedness discussed below. RDA December 8, 2009 Item No. 5 Page 4 of 26 Investment Earnings Investment earnings were included in the Amended Budget at approximately 50% of the amount earned in Fiscal Year 2008/09. Bonded Debt The Redevelopment Agency currently has a bond debt service coverage ratio of 2.27 to 1 in Redevelopment Project No. 1; 2.64 to 1 in Redevelopment Project No. 2; and 5.57 to 1 in Redevelopment Project No. 3. There are not any current plans to issue additional bonded debt but the Redevelopment Agency continues to monitor the market for potential refunding opportunities. ERAF The Fiscal Year 2009/10 and Fiscal Year 2010/11 ERAF payments are expected to be paid from fund balances. Subordinate Debt without a Fixed Repayment Schedule The Redevelopment Agency has entered into 2 Disposition and Development Agreements ( "DDAs ") and a Reimbursement Agreement with City of Lake Elsinore that does not have specified repayment schedules. The amount owing each fiscal year depends upon certain economic factors that do not have any relationship to the receipt of Tax Increment Revenues. Each is briefly described below. Wal -Mart DDA. Pursuant to a Disposition and Development Agreement with Wal -Mart Stores, Inc. ("Wal-Mart"), the Redevelopment Agency agreed to reimburse Wal -Mart $2,200,000 of the purchase price of their property acquired within Lake Elsinore City Center (Redevelopment Project No. 2). The $2,200,000 accrues interest at 7% per annum. Installment payments are calculated to be (1) in the amount of 100% of the sales tax in excess of $200,000, but not to exceed $200,000 and (2) 50% of the amount of any additional sales tax received in excess of $400,000. Since the annual payment is based upon the amount of sales taxes paid, the Redevelopment Agency cannot predict with any degree of certainty the amount that maybe due in any fiscal year. The amount paid for Fiscal Year 2008/09 was $232,788. The Redevelopment Agency is assuming increases in Fiscal Years 2009/10 thru 2011/12 but given the current economy have no historical basis upon which to base such assumptions. Oak Grove Equities. Pursuant to an Owner Participation Agreement with Oak Grove Equities, the developer of Lake Elsinore City Center (located within Redevelopment Project No. 2), the Redevelopment Agency agreed to reimburse Oak Grove Equities $1,800,000 for certain public improvements. The $1,800,000 accrues interest at 7% per annum. Annual installments are based upon the amount of sales tax generated by the shopping center (excluding Wal -Mart). Installment payments are calculated to be (1) in the amount of 100% of the sales tax in excess of $200,000, but not to exceed $200,000 and (2) 50% of the amount of any additional sales tax received in excess of $400,000. The amount paid for Fiscal Year 2008/09 was $68,127. The Redevelopment Agency is assuming increases in Fiscal Years 2009/10 thru 2011/12 but given the current economy has no historical basis upon which to base such assumptions. RDA December 8, 2009 Item No. 5 Page 5 of 26 City LERA Reimbursement Agreement. The Lake Elsinore Recreation Authority ( "LERA ") entered into a lease agreement with the City to refinance certain debt related to the Municipal Stadium. The Redevelopment Agency found it was a benefit to all three Redevelopment Project Areas and entered into reimbursement agreement with the City. Historically, Annual Debt Service on the variable rate debt has averaged approximately 3% to 3.5 %. During the last year, the interest rate has been below 0.25 %. The Federal Reserve Board has announced its intention to phase out programs supporting lower rates as the economy recovers and the threat of inflation reoccurs. This will indirectly affect the Interest Rates on the LERA Bonds. The interest rate assumptions used in the Amended Budget are 1% for Fiscal Year 2009/10; 2% for Fiscal Year 2010/11; and 3% for Fiscal Year 2011/2012. Subordinate Debt with deferred Repayment Housing Fund Loan Repayment. The 1995 Series A & B Bonds and the 1999 Series C Bonds, in part, were secured by loans to the Housing Fund. Amounts deposited in the Housing Fund were concurrently transferred pursuant to interfund loans to each of the three Redevelopment Projects. The Agency validated the interfund loans "without regard to the timeliness of the repayment" thru proceeding pursuant to 870 of the Code of Civil Procedure. The Redevelopment Agency did not include any amounts for repayment of the interfund loans in the Amended Budget. Summerly DDA. The Redevelopment Agency has entered into a DDA for the 3,000 acre Summerly Specific Plan area with a "Master Developer" and a "Developer." The Summerly Specific Plan Area is within Redevelopment Project Nos. 2 and 3. The DDA provides that the net Tax Increment generated by property owned by the Developer (approximately 706 acres) shall be accrued and paid to the Developer on a subordinate basis to certain "Senior Lien Obligations" upon meeting certain completion requirements and other criteria. Currently, such payment requirements and criteria have not been met. The property owned by the Developer was recently foreclosed on by the primary lender. The DDA provides that the net Tax Increment generated by property owned by the Master Developer shall be accrued and paid to the Master Developer on a subordinate basis to certain "Senior Lien Obligations" upon meeting certain completion requirements and other criteria. Currently, such payment requirements and criteria have not been met. In addition, the DDA provides that the net Tax Increment from certain benefited properties within the Specific Plan area is to be deposited into an "Extraordinary Infrastructure Fund" and accrued and paid as certain improvements and completion requirements are met. Currently, such completion and other requirement for payment have not been meet. Net Tax Increment generated by the respective properties on or after the 2004/05 Fiscal Year is subject to accrual. The DDA provides that if the net Tax Increment is not available for payment upon satisfaction of the completion and other requirements of the DDA, such unpaid amounts may be deferred but will accrue interest. Advances to Redevelopment Project No. 3. Redevelopment Project No. 2 has made various advances to Redevelopment Project No. 3. The advances are in the amount of $12,229,211. Such advances are subordinate to other debt of Redevelopment Project No. 3. The Redevelopment Agency has not adopted a specific repayment schedule. iv RDA December 8, 2009 Item No. 5 Page 6 of 26 Other Obligations Pursuant to certain prior agreements, there are several other obligations including transfers to the City to reimburse the City for staff assistance provided to the Redevelopment Agency and Stadium maintenance. Such costs have been found to be a benefit to all three Redevelopment Projects. Within certain limitations the amounts are reallocated to each of the Redevelopment Projects each fiscal year. RDA December 8, 2009 Item No. 5 Page 7 of 26 0 m 0 a I. U) a U) U) O O' V' N V U) M O O V O O It t. T U) r- N O y V t- ti C/) 0- O U) t■ U) U) h (0 0 0 0 0 0 0 10 CO O OD c- 00 0 Of O U) ' C1 — 0 040 V OD OD OD It ' O CO 0 0 '0 1 ' O) O) '7 N 1-- 07 0 � 9 C t (0 n 0) O) O) C) 0 U) 00 V N 11) co I .. 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L O 0 . 0 y a) 0 o (a Ce I' 3 O 0 o 0 m = 3 Q O C o O 3 C -c .c +o Q 3= N U c co 2 co N O C C 0 W C7 -o L >, -F) 0 m a) >, co o @ ca CL w O To .0 0 a) c °_ c0 0 a) L o WL E E v �� >o zY 00E ir 3 .- a) w 3 .- o O o o ;v X c c • v aa) 0) U 0 c v 0 c o U 5c c ° >� 0 0 0 a 0 CO a o J C) ' X a E O U V 0 U 0) )) 0 U 69 E o al N 0 c y al -0 a) a) 0- C 0 y o • Y u. t 0 E f 6 a) o as � I 0) M C y • 0 C> R O L V o 0) E ' cc 0 N o Q 0 0 co _ ,, H C .0 c `° 0 IL 2 a) c E CO 0 0 a) 0 • O C X � a) L m C 03 O— E o N 0 • c , O V E ~ m To U 0_ 0 -0 N .) 3p 0 C U Q 0 c • a� C 0 = y U T ._ )- 0 c o 0 0 a) Q 2 0 - 0 •0 3 C N a) lu C C O 3 E c a) c)- O C j '� E 0 U O C a) o fn C E` C 0) O C c, L = .0 O a) O '0 U cn y Z •- - 5 E a) o a) y g co 0 m LI o U y o 0 > C 0 N a) E 0 O •c C OL t 0 0 O .D 0 a d N Ca 0 CV d a= N L a7 a) n 3 L E 0 L O d a) = .0 C7 X t s co .0 - 0 Q co = H L L Y 1— EA a) F- 3 0 o 0 o 0) m 0 m 2 o, 0 0 N O RDA December 8, 2009 Item No. 5 Page 14 of 26 a m o. a) 0) as a. 00 10 M r- N O N 10 N N a) et O O O O 01 CD et 10 n 00 O 02 U) — (D N N to Tr O O 01 r- M 01 a) 00 10 M e co () e- N • N ' M O t- a0 • • • ' a • H 6 O1 O O %t 1A .- 00 N (O o N O 00 N v O O) co to et e- 1 i- (D - O 0 c c ti r ti 7 N E CO • CI) < O 0 0 0 0 ' (O (D 0 0 CO 0 OD 0 0 0 0 CD CD CD 0 ZS 3 0 co (D O O O O N c0 ( 0 0 0 CO 0 CO O' CO 0 Cr) 0 N o o6 M e- (D 00 M M a) N c N N a) N 00 r r- M O N N 10 et 0 c0 CO 0 et N 00 0 d) d G a) . - o CO co co c ) ti N N et e- O O Q ti v to 16' e- N e- e .0 QS O O 7 Ea N >- Q m U. -0 N 10 (.- O) co co qt 10 00 O a) N 0 10 O O 10 O V C O M N O et • N e et (D et 00 O N (D M r- 0 0 et 0 00 e- ' r O 0 .- M N 1 O e- CO 00 ' O O e _ Z 3 O 0 N. 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Q o p W 0 c •� (v c L x a) d Q Q m U a) _ m w o cc d o c owd g rg�°cE.c u).(n�yw�N aa) m a F W a . y c C m y p H p p O N N N c C O H N > a M 0 H K 7 2 0 a) re 0 C L U a p a) 0 as as a) Q 0 c t 0 2 m s Z H o 0 E E_ Z a)I 9 0cn(n(n(0 = - G c cl) C9 0 w N = 5 as y ( te a, W E w e '0 10 a) a) m y 0 a E v 2 -c E o ' = « v) x o- a) O a A m as o C c a) as o) as o y C C7 > CO m 2 cr, �0 • H _ o i H _~ W co acn m rn < -T- 1- a w O> g I al m O C 2 N RDA December 8, 2009 Item No. 5 g Page 15 of 26 �, a 01 a _ C a / CO . . . / 0 , , . 1 . . 0 . 0 , 0 2 ■ r E S A _ E c2 S © 'a 0 o r�rr co r... 2000■ 00 o = m=q 010 w¥0 » ■ 0o I-- CO — V 11 ... . C CO 0 —� 10 0 0 CO � � wo o■ oo�— wo f r-- a) Cy — o \ / r CO _ # CO w & �a " 0 0 0 ›-< U. o co co c) CV 0) 0000 00 CD 0 7k 00K ... .� \E2 20 CO ci /■ mew— C6 1.6 E 1-§ 0 q (0^ R k / / - 2 co o 0 « & 1- re R ® = w � LL CCI ��- 0 O. 2 2 • f > t CO w §« « re 20 0 k w 0 co re ( � 0 . ' 2 E o © § » ° 1 c ` o < / CO < � $ / o co e ) in Y U csi :5 en � ° L\ 0 c ® _ 0 4 m — co 0 a m ° 7 0 E 0 E 0 c § E k _1 m E k k • a. Lu ( o E § °E ) o o E § CO ° / § o . > _ Q ■ . o > o 0\§$ ® . c 0 0$ f (f) k d 2 0 < S a' . 0 d E E a) o _ E E L o en © o ° ® — ' a E e E 0 m = m L T_ I I E■ 7 8 2 E ® -$ cc 0 2 � D 2 E � y2 e a) w° % > o Q o »� � ,_ $ > > 03 c a 0 2 2 G 7 £ o a £ »$ 0 2 o cs e § § c a « 2 E G R « § ° _ § , 2 ° t ( T9 % c ° .- ƒs- 2 7 t-i kƒ22 Wi / / 2 � � k - ( > 7 f> 2 f «— ■ ° c m c E e o_ a— ® a= '5 — c S% o c 0 x c a $ o J o m© 0. a) m® § u f = e CI) 0 a) 3 O 2W02WO1 � OJoeoa, �00I °<J <a \ Is I § 2 ( RDA December $ 2009 | @m No. 5 \ Page 18 of 2 $ a r` a) a) c9 a O O O O O Co O N N- O ti N ti o 00000 CO - CO tf) N N- M ' ' U) LO N O ' c o N. ' ' ' (70 e- 0) d v) N N CO C CO N C) O N 0 C c C t0 • E y O m m o '5 w < o o 0 0 O (0 (0 o N 0000 0 M 0 0 CO U) 0) M .- N ' N M 1- co N ' ' ' (O 1 ti ' o M F ' M C 0)) C cf Q & 1 N 'V O h N a) O O 0 3 N } Q m IL 13 00000000 CO c- O O O N N CO >- a) 00000000 CO 0 O O O o N f V 1- co N U) CCU LO O a- O - - ' ' ' ' O O - ' e- CO Z 3 O M c.i N et 0 M O ai N N-. 0 0) CO 0 r+ • 3: 0 Q m CC> Q d H m N r 7 W LL m .0 •O r IL 7 C N O CO Z N- > t d W w Q ▪ 7 d r, ce C�h •o W L L ce N O o o. -0 a N d) V Tel c 'C x Ij 0 N o m ' R L la .. L y C,) w >. w Q c a) .. d 0 YLL c O 0 n a U c z R a L C. R y r N O U) m C >C - al v 'C3 O w a+ . W c ° co W ti : CO ya O w o d o E o 2� H = a o U d c m - c 0 N rn a ci) 0 t -0 w o m d a ° R CC 06 = v 0 6 N = c C m= 0 U) W (0 U) 10 MI O o es CO a) W � IL C7) 6 .c c .w ti 'c 5= o ^ w .J O c b p 2 ces C1 °O c c d O co a Q . ' o c Q c a) O '= ots rn (n a) _N y k c c m ui 0 V co a o 6) Q U. s c a� m� `� Q w s c .. a)' a «c 0) a ya> C U n> w_ U c d ( .0)) = U D 0 c N o c O '0 OL w w w � 5) p 7 4) o 2- O o o- 1- ° 5 0 aF -►-0o <a 0 z m - mcna� QUO W 1- 1- m Q 0 ce 0 N g RDA December 8, 2009 Item No. 5 g Page 17 of 26 g, 01 it 00 O 0) CO a O N N O _ r ti Q� d 0 y 0 in O 'O C N N .: 0) a) 4) d w 0 0 3 70 y O c y L co fa C E' in E E u O O C O C U O m >. a; E E 0 O O � 0 .-. Q O 4- L -C 03 0 2 c re Q 0 C « y 0) co 9 N 4- 2 O c t 0 3 E a O C C Qom•, O p 0 0 () (` -c O '0 C C O C o 1 ti c O - O 0 E E Q T U _ 0 'O O N U 0 0 0 O m a) ' O O • e- .0 Q (a� = o o h _C u) P aC O w C I •U E >; _c a o H "' 0- o o N 7 n C j O (a N N ` CD • •0 O (a +� m :r 0 00 t c 0 (a 0 C L U. Q 0 0 0 C •0 2 O U j. L o O o. ca c c • U 0 U O 0 2 u) c O .., • (A r- } O N N ti C O 0 . O > U o 7 «U c 0 a) c C ai 0 c a O r- E 0 Z _ _ Z O 0 0 0 0 O0) co • 0 co '� C m 0 5 ER 0 m 0 ca O O) a N N C O 0 U U O N Q d O �' ' a Q . 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O • N w b9 o fn I-- N ("1 m 0 O co 7' Q= s- 0 ) a. ca N D N (a - J _ O U L 6 O (A N CL O 0) N Cr,. co 15 O d 7 «S a) O O 8 ` O O t y d .c U G ca 0 C ry .0 (n E ° (n c E: n e a > O . 0 J Q. d CD 0 c in y 0 to 'O Q c o c p C 0 ..- O a) o- 0 g' y O c W '0 O O 0 a) o y > E > 0 V O 0) O> a d 0 .- C "0 C 0 0 O 0 Q O. Q.0 b a c o o To c W m ` m c H -o o 2 a 22 � Q u ) 1-- O= a 0 0 0 O 0 I ^ o cc H Z m a 01 0 m 0 g N RDA December 8, 2009 Item No. 5 g Page 18 of 26 g, a a a) a) cn co o_ 1� ,..„0-.. O a0 R.I. O N •-- N O c O O O O O -a co O) ti r- co , co a) .- CO u) co — O co O co co co (0 r- O ' 1 10 ' •ch N N ' h 0) N ' N. 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L ) ._ o C 0 a N > c t C7 al c L o� 0 m .5 7 a F. d> a > d u i . < E °) W 5 ( .0 o ) U � a) 05 Z g O -0 Q 2 a) > 0.) c w m c rnxw c o mQQ a) d - E w (n m • w> D F� E r O y a m m m e ma) N a o Q a) 0 4. W > c p in E c c a) H w O "o • • •_ • C > Z- a, 1-2 c j , E � Z c oil = - $ U . G 0 0 o ° ILI u) re 0D I-- 1- a � • ~ w a 0 a cnw 0 I -- mrn ,- rnrnULLI- a w O m 0 ix 0 of P, 6 O 1 0 N RDA December 8, 2009 Item No. 5 pi Page 19 of 26 a O CD CD m a 0 ti co O) () 0 0 In O O CO 10 'C 0 10 O 1.0 N O M I- (o 0 0) V O 0 ' c (n 00 (O Co (f) O 00 ' ' O CO O ' ' ' ' 1 ' ' ' ' 'C C O O I� CO t` h e 0) N v O ,- C e w . N N •- CO e- 10 E IT 0 o m ° a) Q c 0 0 0 0 co co Co O) 0 0 N- O O O 1- O 0 0 0 O CO 0 Co CO 0 0 I� 0 LO N 0 0 0 ' 0 ,- ,- Imo- 0 ' 1".... CO ' ' ' ' CO C) 0 d O (r) N N es. O `d' I` I-- .- O I■ •-- O C) N ( - h N- CO CO 0 0 N •- in CO N co 0 r a N N O C) d N o ›- Q m IL O s h Co C 0) CO 0 0 C) I - 0 0) 0 CO in h 0 0 O N. 13 O d' (n O 10 N O C'7 CO Co 0 Co 0 I's O O ti 0 (o N 0 O O (n 00 (0 (0 10 0 CO Co Co Is- 0 0 CO 1- ' ' ' ' 0) C) O ,- et >• 'a (f) N O I (o r oi O ei ti O I: N. O (o CA I: , O C) N 0 C N. .-- I� (0 0 N CO N O N N - CO N LO Co 0 Z 0 a) N N (O t- C) N Co) CO N N- 1.1.1 _ d r, d a - O o ~ r4 N t d m W g 3 2 2 '17 N v CL 7 O H O m Z O CO w t �� d 0 8 W" 2 a cc LL ° co y O o a) . o k Z E 2 I. 0 °' N o E ) ° 0 c WN Qc o9 Q u. N (1) c J v W O c op c W ° O ++ rn Ca p O p c p a) c >, LL >, _ LI- c m CO -C w CD OE-20E= c ° O J= m U N a m O E g p E O J J co co e E C> O° ¢ U U c c v c (n o f ! ) C ( v w C C a) N . 0 to to a Q a) a o E ,_ vL a) ,_ N CT C d a) a) ca 0 O .... N Q Z' C 0 0 E n. c E <T) c c E E CD a3 a m 2= a) x 7' c U (a a (n w o O a) c 0 c 0. . G .0 U 0) G) c `' c d N O V C< U N 0 a) p a) p rn Q E ,� c W co m c o y - 0 o To C coo.- 0_ -10 £ 5 °E° - '�W E> O dQ�E�o� E a�°- ° mma? ° m W p 1 ma):.`_ -a 0:3 >,co " w < m a co co x a m x 0 co >, w o L o a r a a � aa) c° m W a a i .' -0 r p2WOMW p1 V UJUF -Urea W 0 o L. -I O '0 1— co 0 ct 0 0 0 0 N 2 d, O RDA December 8, 2009 Item No. 5 Page 20 of 26 a 0 0) CO a O (:: OOo CO 0 0l�ti 1` •D O O O O O O N O •h CD 0 H 1 1 1 1 1 LO 0 0) e- 00 to 1 1 1 1 1 1 1 O ,. t0 C 4-, C c.1 .— IA O 0o O to E mE CD ti a ,— .— (00 E = 0 10 v . �- - . o m 3 0 ' r a 000000 0 0 N 0 CO 000000 0 t0 C) CO O 10 O Co N a ' ' ' N ' 0 10 ' ' ■ V Co M O Cr ti ti N 73 �+ N N CD 0 O 0 a Q . , 0o ... 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O N L O 4 c 0) C 3 Q c 06 co m a) c y x c m ai _a U m a O rn y a ti o c rn v c • a) ea d, c o rn > . r U "v > ' 0 a W .c • = 0 Z . 0 v a V 5 0 c W 0 C o m o a) = I- m 4- o a o : a r ++ 5) ' o ^ = a� o= 2 f- o o a H ' o Dd¢ -I n.HHO0_< 1- 0 0 0 &- CO a 00 c m Q 0 cc 0 o, N O Of O d RDA December 8, 2009 Item No. 5 Page 21 of 26 a. N a) ca) N 1L O f` ti O d I O .- a- to 'Q O e- — co o c O e CO N O e- ti n t ` '0 r r v C o c c c N t m >, N` t° N E N O e- Ce t1 D 4 N Ef3 Q N o w !A -0 C +-- O o O y • w to c co 2 2 c a) ,- j- c° a 3 a) o !o N ti w o , 1 I C Q -c 6L 0 3 0) o t_ 6 d d o) t° • -o E O E .° o f° ° � E Co - o O. a fl. N _ 0 a) > co 2 O w- co O o •p a) o TO L a m c co >;',. > co �' 0 o w P° Q c > c c o o o- t o a) ce m -° ° c c H Q C U O (1) O I--- ti 00 U. N t Q o ' t 0 = v o et et Is- 0 3 3 o a co > a) t ° 0 o . >- - 0) - 0 LC) m to N c. 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